Debt is at $63.3B and approaching cap

Comptroller Thomas DiNapoli warned on Monday that if New York needs to invest in infrastructure there will be limited room below the legal debt limits to do so.

The comptroller’s newest debt report, released on Monday morning, shows that the burden reached $63.3 billion at March 31, 95 percent of which was never authorized by voters and much of it used to pay for authorities’ operations. The sum is heading to $65.9 billion based on current plans and $509 million short of the legal limit by the end of the net fiscal year.

DiNapoli said that if Gov. Andrew Cuomo hopes to make more big infrastructure investments the state will have to rely on other sources.

“Hurricane Sandy underscores the need for a serious discussion about our public infrastructure and how we pay for it,” DiNapoli said.